Canada Cardiovascular Devices Market Size

Canada Cardiovascular Devices Market Analysis

The Canadian cardiovascular devices market is expected to register a CAGR of 3.8% over the forecast period.

The market for cardiovascular medical devices was negatively impacted, particularly in the initial period of the pandemic, owing to the cancellation of elective surgeries during COVID-19-related lockdowns in Canada. Even though some cardiovascular treatments were treated as urgent, others were put off or delayed during the pandemic. However, postmarket vaccine-safety surveillance systems in multiple countries identified a likely association of myocarditis or pericarditis with mRNA COVID-19 vaccination. Hence, to identify the outcome, the country's government is funding the diagnosis of myocarditis or pericarditis. For instance, in October 2022, the Canadian Cardiovascular Society (CCS) received USD 1.6 million from the Canadian government to conduct the study of the clinical and functional outcomes of adults and children who experienced myocarditis and/or pericarditis after receiving an mRNA COVID-19 vaccination. Thus, new funding for identifying cardiovascular diseases after the COVID-19 vaccination is increasing the demand for cardiovascular diseases (CVD).

The major factors driving the growth of the market in Canada are the increasing burden of cardiovascular diseases, the high prevalence of CVD risk factors like diabetes, hypertension, etc., and the increased adoption of minimally invasive procedures. Cardiovascular diseases are the most prevalent across the country. For instance, as per the data published by the Heart and Stroke Foundation Canada in February 2022, 750,000 people have a heart failure and 100,000 people are diagnosed with this incurable condition each year in Canada. As per the same source, one in three Canadians is affected by heart failure, either personally or through a family member or close acquaintance. Hence, the high burden of cardiovascular diseases in the country increases the demand for cardiovascular diagnostics, which is expected to boost the market over the forecast period.

Technologies used in the development of cardiology devices have improved significantly over the past decade, and indications for these devices have expanded. This trend has led to an increasing number of patients being managed with cardiology devices, resulting in exponential therapeutical and monitoring outcomes. For instance, in July 2022, Abbott launched EnSite X EP System with EnSite Omnipolar Technology (OT), a new cardiac mapping platform designed to help physicians better treat abnormal heart rhythms in Canada. The new platform allows for the creation of a 3D model of the patient's cardiac anatomy in real-time and helps in treating areas of the heart.

However, the stringent regulatory policies and high cost of instruments and procedures are the factors restraining the growth of the cardiovascular devices market.